Secondhand Apparel Market to Witness Strong Growth, Millennials Emerge as Driving Force

Today, millennials hold close to 30% of the
world’s population and are becoming the most significant generational demographic
for overall economic growth, source of employment, and consumer spending
growth. The millennial age group has more expending power as compared to the
baby boomers and they wish to spend particularly on apparel. Additionally, they
are getting more conscious regarding the products they purchase and demand for
high quality sustainable and ethical clothes at a reasonable price. Furthermore,
the young generation is nowadays spending more on secondhand apparel and
leaning towards online fashion reselling platforms to purchase eco-friendly
clothes.

Expected to increase at a CAGR of 11% during the forecast period 2019-2027, Future Market Insights (FMI) foresees strong growth of the secondhand apparel market.

For more insights into the Market, request a sample of this report@https://www.futuremarketinsights.com/reports/sample/rep-gb-11161

Key
Takeaways of the Secondhand Apparel Market Study

  • As per the report, several fashion
    retailers are integrating a range of recycling programs and bringing in new
    collections with environment-friendly fibers to keep back the customers.
  • Rapidly growing online start-ups and
    rising consumer awareness of online resale platform to selling pre-owned
    designer and branded apparel in addition to renting ethnic wear.
  • In terms of region, the MEA market is
    projected to maintain its predominant position in the worldwide secondhand
    apparel market, as a result of higher utilization of employed clothes in the
    Sub-saharan Africa countries, for instance, Kenya together with the higher
    import of second-hand clothing from Europe and the U.S.
  • Nearly 80% of the populace in Kenya
    wore secondhand apparel in the year 2018.
  • Based on different types of product,
    sales of t-shirts & shirts are likely to reflect a relatively high CAGR in
    the global secondhand apparel market in the coming years, owing to changing
    consumer preference that is making a requirement for casual and formal shirts
    amid working women labor force.

“Key players in the global secondhand apparel market could gain substantial profits by bringing in novel brands and bringing unique eco-friendly used clothes to their listing. Companies are additionally seeking several prospects to augment customer engagement and additionally to retain them,” says an FMI analyst.

For any queries linked with the report, ask an analyst@https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-11161

Gains
Upheld by Retailers Going Online

In the secondhand apparel market, the retailers
are substantially shifting their center from conventional thrift stores to online
used clothing platforms to encourage their sales and gain a novel customer
base. As such, e-commerce is now attaining popularity among retailers to
changes consumers’ shopping experiences and preferences.

Several start-ups are embarking online platform to
sell pre-owned clothes by providing the one-click solutions convenience, home
deliveries, and several other attractive attributes to customers. Consumers,
especially the young generation, are moreover purchasing used clothes from
online retailers because of better customer service, unique items, and large
brand options. These above-mentioned aspects are boosting the market demand for
secondhand apparel throughout the assessment period.

Various secondhand apparel companies are considerably expending more on promotional activities, amplify their physical store’s existence, as well as entering into a strategic partnership with topmost apparel retailers to supply to expanding consumer need for fashionable apparel. This would let companies amplify their brand awareness and additionally allows them to gain competitive benefit.

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